Dow Jones driven lower by tech, energy losses, trade concerns

2019-02-08 05:12:06 GMT (Economies.com)
Dow Jones driven lower by tech, energy losses, trade concerns

US stock indices dropped on Thursday on renewed concerns over the US-China trade war, in addition to the weaker energy and tech sectors. 

 

Brexit Woes 

 

Bank of England Governor Mark Carney warned that a no-deal Brexit would raise economic recession risks, adding that resulting uncertainty would harm trade and finances considerably. 

 

The BoE cut growth estimates for the UK to 1.2% from 1.7% previously. 

 

US-China Trade 

 

Otherwise, White House economic councilor Larry Cudlow said US-China trade differences still run deep, and the road is long before reaching any kind of agreement. 

 

The remarks are at odds with what President Donald Trump said in his speech to Congress this week, that he's looking forward to work with Chinese President Xi Jinping to sign a full trade agreement and end the dispute. 

 

Earlier US data showed unemployment claims fell 19 thousand to 234 thousand last week, quite above estimates of 220K. 

 

The tech sector on Wall Street was hammered by Twitter's slump after expecting increased expenses this year. 

 

The energy sector was hurt by the tumble in oil prices, with US West Texas down 2.5% to $52.64 a barrel, while Brent declined 1.7% to $61.63 a barrel. 

 

Stock Performance 

 

Dow Jones fell 0.8%, or 220 points to 25,169, with a session-low at 25,000. 

 

Nasdaq tumbled 1.2%, or 87 points to 7,288, with an intraday low at 7,235. 

 

Standard and Poor's 500 swooned 0.9%, or 25 points to 2,706, with a session-low at 2,687. 

 
 
 
  Symbol Last Change Chg.%
1.1246
-0.0064
0.5681%
1.3000
-0.0080
0.6135%
15.005
0.020
0.134%
64.010
0.218
0.343%
71.97
0.35
0.49%
1275.700
-15.150
1.174%
 
 
US
 
Europe
 
Asia